Indian private banker KV Kamath named first BRICS bank head

May 11, 2015 7:49 AM

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NEW DELHI Indian private banker K.V. Kamath has been named as the first head of a new development bank being set up by the BRICS group of emerging market economies, Finance Secretary Rajiv Mehrishi told reporters on Monday.

The BRICS - Brazil, Russia, India, China and South Africa - agreed to set up the $100 billion development bank last July, in a step toward reshaping the Western-dominated international financial system.